Member Info for leehardcastle

How could any bank not support a company holding an asset that happens to be the best asset on the planet at moment in these crazy times, the world economy is on the edge of a cliff, holding the shiny stuff is the best hedge bet, the timing of this Gold bull run is hugely welcome for us all.

Looks possible that DB wants to announce the refinance deal along side the Q2 results for extra impact, why else hold he onto them? The typhoon in Hong Kong may have scuppered the news he was hoping to release on the 31st July, we have never been later than the 29th day of the quarterly reporting month in the years I’ve followed MTL, looks very promising, if it was just another standstill extension, he would have released them last week, I think DB thinks he’s on the vinegar stroke of an offer from the banks and major shareholders.

Oh well, it’s my Birthday today, was hoping for an MTL present, never mind, we’re still digging gold at over $1400 an ounce even on my celebration day off, next week is fine.

So what’s people’s expectations on Q2 quarters gold profits, get your stabs in before the RNS, keep your chin up Adam.

I agree, any selling first thing is an opportunity, nothing has changed since yesterday, the results are imminent, and the banks have had to evacuate to take cover from crazy winds, nothing sinister in that, MMs love to create a market of greed and fear.

The fact we are still negotiating shows the banks want to find an agreeable deal just as much as everyone else, although it’s annoying, each month that passes helps us sort out some running capital and getting the plant repairs and process modifications completed, then the efficiency will improve to nameplate design, DB will release the Q2 results today, he’s had to get this RNS out first to make sense of the position, I’m sticking to 6m profit this quarter, I reckon we will know in an hour or so, no no need to withhold them any longer.

Those selling today will regret it big time, patience required, some have t got it

Has me thinking that he may release both refinance and results at the same time for maximum effect, the results are 100% in hand, so there is no need to withhold them, very exciting

Whoops, I meant solid Q2 results with some improvement over Q1, getting ahead of myself.

Good to hear your still here Roy, think it’s finally time for some game changing news, Darren Bowden has had 8 months, it’s seemed longer, but I think it’s enough time to have started the real changes required to bring us out of the low point, solid Q3 results with some improvement over Q2 to continue an upward trend, plus a new finance deal, this week is exciting.
Patience shall reward.

Leo, haven’t you got your 3 million yet? Times running out for you, Darren Bowden hasn’t put a foot wrong yet, he was put in place by the major shareholders to turn this business around, and that takes time, he’s had 8 months so far, which is enough for green shoots to emerge from his actions, just a few days to see how much progress has taken place this quarter, I’m still saying 6 million clear of costs with 11 weeks production, the re-finance will follow very soon after, they have had enough time to see we are not a lemon.

Gold hit $1450 for the first time since May 2013, economists believe $1500 will be tested in the next 2 months, based on just 60k ounces production this annum that’s a $15 million pound increase in sales above the $1200 dollar gold price average over our previous 2 years.
The banks are aware, this vastly helps out our position, it’s a game changer for us, a gift from heaven, just based on 8 years future gold production that’s $120 million extra income if it was maintained, remember our business model was based on 10 years gold production at $1000 dollars per ounce, it puts our $103 million debt into perspective.
If there was ever a time to be in a gold mine, then this is it.

Still going for $6 million clear of cost this quarter, helped by the strong gold price, hitting $1425 again as we speak, it makes a huge difference to your top line.

$1420 again, gold looks to he bought back at anything near $1400, forming a new base at $1400 instead of last years $1200 would be very nice, a huge antidote to our current inefficiency at the mine, get the efficiency up to 85% as Darren Bowden predicts with the mine adjustments over the next 6 months, and gold rising further to $1500 as experts predict, the 2 factors combined will supercharge our earnings, $30 million per quarter would be a doddle, that’s $15 million profit every quarter, the loans would evaporate very quickly then.

I agree, the Major Shareholders should show willing and match the interest rate of the banks, $103 million total debt at say 3% would be fair, the banks to receive their money first, then the major shareholders after, 10 payments over 2.5 years to repay the banks, followed by 7 payments for the major shareholders (1.75 years), interest of 3% would cost $0.25 million per quarter initially and reduce over the years as the loan reduces, it’s all possible and well within our means, these results coming in the next 2 weeks should cement that fact.

The banks are unlikely to take a hair cut, and I don’t see why they should, the banks loans of $81 million back in Dec 2016 were all very palatable, payments were based on gold prices under $1200 dollars an ounce, the share price was over 5p and directors were filling their boots, the mine was ramping up and all looked rosey, so what happened? The old management just never got the processing of gold efficient enough to pay its costs and loan repayments, so the major shareholder stepped in and made some bank re-payments on behalf of MTL, but 2 years later, the inept old management still couldn’t turn a quarterly profit, so the banks are still waiting for around $60 million, so what’s the answer? For me it this, the banks need to accept the past, forget the past and move on, set MTL new payments over the next 10 quarters of $6 million plus interest, job done, we carry on mining, we carry on improving efficiency, the gold is in the ground and it’s price is running at a very decent level, MTL management know what’s required to get us to 85% efficiency and this recent standstill period has given the cash to make the adjustments.
Good figures this quarter ($6 million profit) will be good enough for the banks to see the light, getting paid late is better than not getting paid.
So us weary long term holders just need to watch and wait, I’m 100% confident all parties can see logic and nurse the project forward, no one it going to smash it to dust, when AAZ was 4p no one wanted their shares, now investors are clambering for them at 25 times that price, 3.5 years of mining later, no freebies, just honest mining and a $50 million pound loan, paid back in full, we should do the same, and we have every chance to do just that.
Our 0.6p is AAZs 4p moment, no one wants the shares, but they soon will, and paying 15 times as much, 3 years isn’t long, I’m happy as pig I’m muck to wait, get your investor head around that and let Darren Bowden take the strain, he already has the banks attention, they have obliged his wishes so far, because they need a solution too.
Keep your nerve, GLA

$1430 again, as Tesco says, every little helps

That's definitely a possibility, I was just estimating based on 11 weeks production again, last quarter was around 15k ounces, over 11 weeks, so with a small improvement in efficiency 15.5k ounces of gold at an average of $1350 per ounce is just shy of $21 million income, with no interest or payment to the banks, operational costs are usually below $15 million, so that is where the £6 million clear profit comes from, I would be surprised to see less, unless they have started the improvements to the system, where they have spent on infrastructure beyond the repairs, but that's good news if they have, as the quicker we do, the quicker we get production output up to nearer design, all speculative but that's my 2 pence, thought any one?

We have just 3 weeks to get the Q2 results figures, the recent gold sales for June would have benefited from the recent $1400 dollar gold price, it will be very interesting to see the profits made this quarter, I suspect they have at least doubled Q1 at over $6 million and will demonstrate our mines ability to start paying back debts, better late repayments than never repayments, the banks will have the data to comfortably offer us a refinance deal by the end of the month, July should be a very comforting month for all involved.

By the way, I have £20k worth of shares, and haven’t sold any, been here 2.5 years, 7p will 10 fold my investment, if it takes 3 years then I’m a very happy man, £200k is early retirement, I have the patience, MTL will do the rest. Enjoy the weekend everyone.